Author of the article:
For immediate release
Serabi Gold plc
(“Serabi” or the “Company”)
Exploration Success Continues at Piaui Prospect
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining and development company, is pleased to update the market on further positive development from the Palito project where brownfield diamond drilling has continued to define mineralisation at the Piaui prospect within a series of parallel mineralised structures located just 500 metres from the current underground mine infrastructure.
A PDF Copy of this news release including images can be accessed using the following link – https://bit.ly/36ntFz1
Mike Hodgson, CEO of Serabi, commented:
“The Piaui prospect is shaping up to be an excellent near mine opportunity for Serabi. This excellent set of drill results supports the strong results generated in 2011 with high grades over significant mineable widths. Piaui is close to the existing mine infrastructure and therefore can be brought into the mine plan in a short period of time and at low capital cost. We look forward to updating the market with further results when we complete a phase of deeper drilling later in the year.”
Figure 1: Plan of Piaui Prospect with new and significant historic drill results.
To access an image of the Piaui Prospect Plan please use the following link – https://bit.ly/363Tft8
The Piaui Prospect is located within the Palito Mine Lease, only 500m south of the mine infrastructure and underground mine development in the Senna and Zonta veins. It was identified in 2010 from a ground based induced polarisation survey undertaken as follow up to an airborne VTEM survey completed in 2008. Initial drilling results released in 2011 (news release dated 7 April 2011) reported a number of significant higher grade zones, including 2.57m @ 17.32g/t Au (PDD0459), 2.51m @ 6.20g/t Au (PDD0458), 10.73m @ 1.16g/t Au (PDD0456) and 4.50m @ 2.76g/t Au (PDD0455), within a strongly chlorite altered shear zone. Subsequent drilling in 2011 (news release dated 23 November 2011) reinforced the initial results with further intercepts including 5.21m @ 3.74g/t including 0.68m @ 14.00g/t Au (PDD0499), 3.40m @ 6.49g/t (PDD0506), 4.80m @ 2.72g/t Au (PDD0508), 2.00m @ 8.91g/t Au (PDD0511) and defined mineralisation over a 300 metre strike length within a strong hydrothermal alteration zone which was interpreted to remain open at depth.
In 2016, Serabi completed a series of bore hole electromagnetic (BHEM) surveys on the deeper holes drilled into the prospect to identify off-hole massive sulphide. As a result a series of conductors were defined occurring in two east dipping payshoots within the plane of the intercepted mineralised structures.
In 2022, Serabi have completed a further 10 drill holes (PDD0610 – PDD0619) into the two zones with the objective of refining the interpretation of the structures identified by the 2011 drilling, to faciliate a decision to extend mine development to Piaui. The first phase of the drilling targeted the mineralised zones within 100m of surface. The second phase planned for later in 2022 will target the BHEM anomalies.
Significant intercepts reported from the Piaui prospect are tabled below including some previously reported historic results from the 2011 drill campaign.
(1) Since the original release of these results, samples have been re-assayed using the independent ALS laboratory and the intervals recomposited. Therefore the results reported in the table above may vary slightly from those originally reported..
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged for the release of this announcement on behalf of the Company was Clive Line, Director.
Copies of this announcement are available from the Company’s website at www.serabigold.com.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this announcement.
See www.serabigold.com for more information and follow us on twitter @Serabi_Gold
GLOSSARY OF TERMS
The following is a glossary of technical terms:
Assay results reported within this release include those provided by the Company’s own on-site laboratory facilities at Palito and these will not have been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company’s activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company’s management are satisfied that the Company’s own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognised standard, the independent authors of such a statement would not use Palito assay
Qualified Persons Statement
The scientific and technical information contained within this announcement has been reviewed and approved by Michael Hodgson, a Director of the Company. Mr Hodgson is an Economic Geologist by training with over 26 years’ experience in the mining industry. He holds a BSc (Hons) Geology, University of London, a MSc Mining Geology, University of Leicester and is a Fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognising him as both a Qualified Person for the purposes of Canadian National Instrument 43-101 and by the AIM Guidance Note on Mining and Oil & Gas Companies dated June 2009.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identiﬁed by their use of terms and phrases such as ‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reﬂect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements.
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